Analytic information

Group

NOK millionDefinition20122011201020092008
PROFIT AND LOSS ACCOUNT
Sales revenues11 46613 70415 82910 67011 056
Other (losses)/gains - net 137 (1 050) (883) (40) (15 721)
Purchase of goods and energy (6 830) (9 015) (10 871) (6 364) (6 809)
Employee benefit expenses (908) (864) (582) (772) (761)
Other operating expenses (1 752) (1 630) (1 571) (1 418) (1 453)
EBITDA2 1131 1451 9232 076 (13 688)
Depreciation and impairment (1 259) (803) (1 270) (882) (850)
Operating profit/loss 854 343 653 1 194 (14 538)
Finance cost (557) (584) (471) (661) (684)
Profit/loss before tax and divested operations297 (241)182533 (15 223)
Income tax expense (349) (456) (574) (336) (902)
Profit/loss for the year (52) (698) (392) 198 (15 900)
- of which operating profit/loss for prior ownership of REC (1 090) (1 991) (137) (15 912)
- of which profit/loss for the year for prior ownership of REC (1 086) (1 975) (137) (16 537)
RESULT AND RETURN, excluding prior ownership of REC
Operating profit/loss8541 4332 6441 3311 374
Profit/loss for the year (52) 388 1 583 335 637
Return on equity (ROE)2(0,7%)4,2%14,6%2,8%3,1%
Return on capital employed (ROCE)34,1%6%10%5%4,1%
CASH FLOW
Net cash generated from operations12363 5105651 8791 085
Investments (not acquisitions)1 0881 2151 5331 6631 757
CAPITAL
Total assets24 79424 71029 61328 91830 520
Capital employed421 66520 91927 02825 87027 067
- of which working capital587 (248) 3 505 636 930
Equity7 5758 13110 46411 15412 530
Equity ratio530,6%32,9%35,3%38,6%41,1%
Market capitalisation8 87711 32113 60313 53713 293
Net interest-bearing liabilities610 6489 32113 06711 60111 442
Net interest-bearing liabilities / EBITDA94,84,04,65,25,3
Unused overdraft facilities3 9004 4003 6924 5584 531
Percentage variable borrowings52%53%67%58%63%
KEY EQUITY FIGURES
Number of A shares (in thousands)115 428115 428115 428 115 465 115 465
Number of B shares (in thousands)79 75979 75979 759 79 759 79 759
Number of treasury B shares (in thousands)397397451451451
Share price as of 31.12 A share45,6058,0070,0069,7568,50
Share price as of 31.12 B share45,3058,0069,2568,7567,50
Earnings per share (excluding REC)7(0,27)1,998,111,713,26
Cash flow per share from operating activities1,2118,002,899,625,56
Dividend per share2,502,507,502,252,25
Number of employees1 2161 2071 1239791 086



Business area Production

NOK millionDefinition20122011201020092008
PROFIT AND LOSS ACCOUNT
Sales revenues7551 0241 2208661 002
Other (losses)/gains - net6 (24) 20 (4) (44)
Purchase of goods and energy 40
Employee benefit expenses (49) (37) (34) (35) (32)
Other operating expenses (225) (194) (205) (176) (191)
EBITDA4877691 001651776
Depreciation and impairment (45) (45) (43) (43) (45)
Operating profit/loss442724958608731
OTHER KEY FIGURES
Investments (not acquisitions)2462170174113
Capital employed4 7764 4644 3954 3144 203
Sales Price (øre/kWh)2232392730
Production volume (GWh)3 2733 1353 0413 0183 248
Production in % of normal production810610110197110
Distribution of operating profit/loss for:
- Hydro power435743929618746
- Power trading7 (19) 29 (10) (15)
Number of employees4642403736



Business area Heat

NOK millionDefinition20122011201020092008
PROFIT AND LOSS ACCOUNT
Sales revenues1 1071 1201 259796713
Purchase of goods and energy (510) (598) (727) (406) (326)
Employee benefit expenses (71) (67) (47) (49) (52)
Other operating expenses (214) (196) (171) (133) (135)
EBITDA312259314208200
Depreciation and impairment (395) (157) (151) (136) (142)
Operating profit/loss (83) 102 163 72 58
OTHER KEY FIGURES
Investments (not acquisitions)326463518575672
Capital employed5 5765 4645 2804 7564 353
Number of employees7771726759
District heating
Sales price, including distribution (øre/kWh)5971726165
Energy production (GWh)1 7201 5481 7821 3821 192
Fuel costs (øre/kWh)2836392826
Gross margin sold volume (øre/kWh)3230293036
Percentage renewable energy sources1293%84%74%86%89%
Industrial heating
Energy production (GWh)2742802469329
Sales price (øre/kWh)2728 25 25 24
Waste (thousand tonnes)1311291145737
Gross margin (øre/kWh)121413



Business area Networks

NOK millionDefinition20122011201020092008
PROFIT AND LOSS ACCOUNT
Sales revenues3 9924 2024 8043 3853 352
Purchase of goods and energy (1 577) (1 909) (2 608) (1 217) (1 463)
Employee benefit expenses (201) (166) (64) (177) (129)
Other operating expenses (1 195) (1 143) (1 054) (956) (893)
EBITDA1 0199831 0771 035868
Depreciation and impairment (504) (514) (546) (542) (545)
Operating profit/loss515469532493322
OTHER KEY FIGURES
Investments (not acquisitions)497444489528554
Capital employed9 2379 2579 6689 3969 663
NVE capital6 1496 0636 1606 0455 936
NVE interest4,2%5,3%5,6%6,2%7,4%
Revenue ceiling, excl. transfer costs2 1702 3122 8912 4611 989
Volume network losses (GWh)9901 0191 2491 1411 148
CNES cost106190676234
Regulated contribution margin131 9261 9162 2872 1061 616
Result effect income surpluses/(shortfalls)11268212(203)(16)205
Accumulated income surpluses/(shortfalls) as on 31.1211425155(57)143149
Number of customers (in thousands)563552545541538
Number of employees223212203198178



Business area Markets

NOK millionDefinition20122011201020092008
PROFIT AND LOSS ACCOUNT
Sales revenues5 5377 2758 2895 0625 384
Other (losses)/gains - net44 (85) 16 19 (24)
Purchase of goods and energy (4 489) (6 297)(7 323) (4 292) (4 626)
Employee benefit expenses (280) (233) (173) (154) (149)
Other operating expenses (429) (366) (350) (278) (277)
EBITDA383293460356308
Depreciation and impairment (20) (16) (17) (12) (10)
Operating profit/loss 364 277 442 344 297
OTHER KEY FIGURES
Investments (not acquisitions)180107111030
Capital employed1 7531 2153 3912 0802 331
Sales volume energy sales (GWh)16 37415 47415 86713 23812 936
Number of wholly and partially owned customers (in thousands)905878850656638
Gross margin power sales (øre/kWh)3,94,14,23,73,8
Distribution of operating profit/loss:
Power sales300201348240216
- of which change in value of derivatives44(85)1619(24)
Invoice and customer services64769510381
Number of employees560492447293302



Other business

NOK millionDefinition20122011201020092008
PROFIT AND LOSS ACCOUNT
Sales revenues7684257562605
Other (losses)/gains - net87 (940) (920) (55) (15 653)
Purchase of goods and energy (254) (211) (213) (449) (434)
Employee benefit expenses (308) (360) (264) (357) (400)
Other operating expenses 312 269 210 126 43
EBITDA (87) (1 159) (930) (174) (15 839)
Depreciation and impairment (295) (70) (513) (149) (107)
Operating profit/loss (383) (1 228) (1 442) (323) (15 946)
OTHER KEY FIGURES
Investments (not acquisitions)59139345375389
Capital employed3235194 2945 3246 518
Distribution of operating profit/loss for:
- Staff and support services (67) (133) (104) (151) (142)
- BioWood Norway (398) (80) (384) (8) (5)
- Embriq (34) (1) (49) (52)
- REC, prior ownership (1 090) (1 991) (137) (15 912)
- Other116761 08625113
Number of employees310390361384511
DEFINITIONS
1. Net cash generated from operations = as defined in the consolidated statement of cash flow
2. Return on equity = Result for the year excl. prior ownership of REC / Average equity including non-controlling interests
3. Return on capital employed = Operating result excl. prior ownership of REC / Average capital employed
4. Capital employed = Equity + Net interest-bearing liabilities + Net tax positions
5. Equity ratio = Equity / Total assets
6. Net interest-bearing liabilities = Interest-bearing liabilities - Interest-bearing receivables and cash equivalents
7. Earnings per share = Result for the year excl. prior owenership in REC / Average number of shares
8. Production compared to average production volume over the last ten years, adjusted for efficiency improvements
9. EBITDA = EBITDA from core businesses in Production, Heat, Networks and Markets
10. CNES cost = Quality adjustment of compensation for energy not supplied
11. See comment in Note 2.20 c in the financial statements
12. Corresponds to the use of renewable energy sources including electricity
13. Regulated contribution margin = Revenue ceiling excluding transfer costs from Statnett, less costs for network losses

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